The SEC previously announced several lawsuits against tokens in the Tron ecosystem. Despite everything, the blockchain recorded remarkable performances during the first quarter of 2023. This is revealed by a new report from the economic intelligence company Messari. Here is what it is.
Tron’s performance metrics indicate solid business!
Messari revealed that the Tron blockchain, appreciated for its incredible strength, developed well during the first quarter of 2023. It recorded significant activity in the DeFi and stablecoin landscape by being more in demand by users. The network surpassed the $90 million mark in revenue. It actually recorded a total revenue of $90.04 million in the first quarter of 2023. This represents an increase of 88% compared to its revenue of $47.96 million in the fourth quarter of 2022.
Similarly, the market capitalization of the native token TRX saw an increase of almost 20% compared to the previous quarter. The economic intelligence company has also noted that there has been a lot of staking activity on Tron. This contributed to a 7.7% increase in average daily transactions. This average thus reached around 7 million during the first quarter of 2023.
Staking on Tron accounts for only around 3% of all transactions on the network. Yet, the total number of staking transactions on the blockchain increased by 197% compared to the previous quarter. Furthermore, transaction fees on Tron skyrocketed during the quarter in question. It appears that they increased by 59.2% and 80.2% respectively in TRX and USD.
Tron has commissioned a report titled State of Tron which specifically discusses transaction activity on the network. The report indicates that this was mainly dominated by the triggering of smart contracts and TRX transfers. It must be said that the USDT smart contract is the element that has the most impact on the execution of transactions on Tron. Furthermore, the TRX network occupies the second position, after Ethereum, within the stablecoin ecosystem. That said, Messari’s report comes shortly after an AMBCrypto release that gave investors hope in the Tron ecosystem.
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